Finance

India Post rolls out DakPay digital payments app; here's all you need to know

Updated : December 16, 2020 12:19 PM IST

India Post and IPPB will provide digital financial and assisted banking services through the country's postal network.

Customers of the Department of Post (India Post) and the India Post Payments Bank (IPPB) can now operate their banking service through an app DakPay, unveiled by Communications and IT Minister Ravi Shankar Prasad on Tuesday.

DakPay is a simplified payment solution that offers access to the banking and payments products and services either through an app or in assisted mode with the help of a Postman.

India Post and IPPB will provide digital financial and assisted banking services through the country's postal network.

Here's all you need to know about DakPay app:

The app will give access to banking services and postal products online and is a unique concept where one can order and avail of postal financial services at doorsteps.
Using the app, customers can send money through Domestic Money Transfers (DMT).
It will also provide interoperable banking services to the customers with any bank in the country.
The app also lets customers scan QR codes and make payments for merchants digitally through UPI or virtual debit cards.
Customers can also check their bank balances and withdraw cash.
The app also lets customers deposit cash using the Aadhaar-enabled payment system.
Customers can also automate recurring payments within the app.
The government is contemplating to release features to avail credit facilities from the app.

PM Modi launched the India Post Payments Bank in September 2018 to provide a complete suite of banking services. Since then, it has enabled more than 1.36 lakh post offices, out of which some 1.13 lakh are located in rural areas.

"Our motto is - Every customer is important, every transaction is significant, and every deposit is valuable," said J Venkatramu, MD & CEO, India Post Payments Bank.

With inputs from wires

India Post rolls out DakPay digital payments app; here's all you need to know

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